Your home will be your domain. Take a wise decision while buying your first one!
Its tough enough being a woman and dealing with all the feminine issues that are pelted by the world constantly. Add to that home buying hassles and you have quite a handful to deal with, isn’t it?
Our guide below will serve to steer you through the points that you must keep in mind before you can start off on the tedious yet exciting journey of owning your own home.
Taking a home loan? No worries, take it head on
All you independent, career oriented women who’ve zeroed in on a home and are planning for a home loan, here’s one big reason in big bold letters- You are eligible for ‘additional’ interest benefits. These benefits are specially extended to those belonging to the fairer gender.
Leading financial institutions and lenders have come up with schemes where women get the benefit of reduced interest rates as compared to the ongoing applicable interest rates of a home loan. It would be a good idea to enquire with different banks and compare their rates at the end of the day. Do remember that this is being done to promote ownership of property by women.
Budget your expenses and factor in the upfront payments
Women by nature are a thoughtful and more organised breed. So it would be hardly surprising that most women may have pre-planned their expenses and outgoings months in advance of taking a loan. However, do remember that down payments are usually a considerable amount of money and it may exceed your budgeted amount. Along with the down payment, there will be additional expenses such as government duties, electricity and water connection charges, stamp duty, registration or transfer fees, home insurance charges, service tax and other taxes too. Do bear in mind that these expenses may be nearly 6-7% of an additional cost on the total cost of the home.
Check the security features in advance
There’s nothing like being forewarned, especially if you are a single woman and are most likely to reside alone in the house. In today’s scenario it is imperative that you must consider your safety and security as prime aspects before finalising any project.
Smartphone enabled homes with built-in security features, CCTV cameras and round the clock security are just some of the things to watch out for. Remember to check the neighbourhood for any unsavoury activities and do keep a tab on the builders’ charges for all these safety features.
Don’t let the EMI’s catch you unawares
Grocery bills, daily expenses, utility bills, personal incidentals and a host of other things- these are all the components of regular monthly outgoings. Now you will be adding to this the additional load of a monthly instalment. If it still sounds good then perhaps it’s a good idea to go full steam ahead.
Chart out your instalments and the how’s and where’s associated with it. Think hard if you can really afford it. It is also vital that you must consider unforeseen, out of pocket expenses that may just crop up anytime.
Determine your loan eligibility by utilising the online loan eligibility calculator and understand the exact amount that you end up paying as instalment. Usually, your lender will share the details in advance, so you can plan for resources accordingly.
The thumb rule, though it differs from person to person, is that you must set aside about 60% of our income towards personal expenses and the rest should be allotted to payment of the instalment.
It’s a great idea to own your own home; in a way, it’s like marking your own territory. However, your home is not going to be your only financial anchor in life ahead, you will and should have other investments that will secure your future and support you in your sunset years.
While looking around for your first home, ensure that you don’t necessarily go in for the largest or the most posh project, rather opt for something which will appreciate nicely over the years and give you a handsome return should you ever sell.